TechWorld, a pair of the most recognizable buildings overlooking Mount Vernon Square, has a new owner and is being primed for some potentially major changes — and a new moniker.

The Meridian Group closed Wednesday on its acquisition of the two-building complex at 800 K St. NW and 801 Eye St. NW from The JBG Cos. The company declined to disclose the sale price, which sources say is around $315 million, or roughly $414 per square foot.

"First and foremost, we love the location," Block said. "We believe this is the heart of the East End, being adjacent to CityCenter. We just feel like we're in the heart of a 24-hour, live-work-play environment that is not really seen in the D.C. area."

Meridian plans a series of upgrades to the 760,000-square-foot property to include facade changes and upgrades to the mechanical systems and lobby. But for pedestrians, one of the biggest changes will be to convert the property's ground-floor space into retail. Block said he wants to forge more of a connection between the stores and restaurants along Seventh Street leading north from the Verizon Center.

"It's very powerful retail and then it just kind of stops at Eye," Block said. "We believe that the placemaking ability at this location for office and retail is unmatched."

The two adjoined buildings are about 92 percent leased. The renovations, Block said, are expected to create more than 40,000 square feet of retail space. Meridian also hopes to move away from TechWorld as the building's name and to adopt something that speaks of a new chapter for the property.